House insurance nightmare - monumental increase

firetaz

I have just received an email from my current provider saying that they are unable to provide cover this coming year.  I went onto a couple of price comparison sites and and am only getting 2 real quotes on either site.  Last year's quote was £360 for combined buildings and contents.  Cheaper of the 2 current quotes is approx. £800 with the other quote being approx. £3,200.  Other quotes are £99,999.99.

For clarity, I have never had to claim on my insurance - 9+ years NCD.

Anyone have any idea what is going on?  I know that insurance companies have had to pay out a significant amount this year following a spate of storms, but for there to only be 2 quotes available and for the cheapest to have increased by 220% . . . . help!!

TELLIT01

The most likely cause is going to be flooding in your area.  It doesn't even need to have been an area that directly affects you.  You may be on higher ground for example, but will still potentially be lumped into a geographical area.

Instead of price comparison sites try to speak to a local insurance broker.  If this is happening to you it's very unlikely that you are the only one.

DullGreyGuy

TELLIT01 said:

The most likely cause is going to be flooding in your area.  It doesn't even need to have been an area that directly affects you.  

Doesnt make sense as Flood Re still exists and so they can reinsure the risk for a fixed fee (based on council tax band) plus the £250 excess. 

firetaz said:

I have just received an email from my current provider saying that they are unable to provide cover this coming year.  I went onto a couple of price comparison sites and and am only getting 2 real quotes on either site.  Last year's quote was £360 for combined buildings and contents.  Cheaper of the 2 current quotes is approx. £800 with the other quote being approx. £3,200.  Other quotes are £99,999.99.

For clarity, I have never had to claim on my insurance - 9+ years NCD.

Anyone have any idea what is going on?  I know that insurance companies have had to pay out a significant amount this year following a spate of storms, but for there to only be 2 quotes available and for the cheapest to have increased by 220% . . . . help!!

Without a vastly more details it's hard to speculate, there are many things that impact premiums, some are obvious, like claims, others less so like bankruptcy or loading to various fraud databases. 

We get very few quoting for us but its obvious why, we own a number of expensive things and unfortunately most to them are the sort you'd take out the home but most insurers dont consider that you dont take all your declared jewellery or watches out at the same time. Even still we get a least a dozen quoting even if most are high 4 figures or low 5 figures.

Hoenir

Try a local insurance broker. They may well have an idea of what's influencing the rates in your area.